VNX Commodities AG, the Liechtenstein-based company behind the VNX platform, serves as the issuer of VNX-branded stablecoins and tokenized assets. It is registered with the Liechtenstein Financial Market Authority (FMA) under the Blockchain Act.
VCHF, VNX’s Swiss franc-denominated stablecoin, is the most widely adopted asset on the platform, with ₣112.3 million in cumulative transaction volume as of May 2025.
VEUR, the euro-referenced stablecoin, has processed over 1.2 million transactions, reflecting growing demand for onchain activity settled in euros.
VNXAU, the platform’s gold-backed token, has recorded 114,813 in transaction volume and is held by 1,343 unique wallets as of May 2025.
VGBP is the newest and most recently issued stablecoin, one of the few on the market that is pegged to the value of the British Pound, with 79,523 total transactions as of May 2025.
Primer
VNX addresses the need for compliant, real world asset-backed stablecoins tailored to users and institutions operating in non-USD markets. With growing demand for euro, franc, and pound-denominated digital assets driven by cross-border payments, FX trading, and regional DeFi applications, VNX provides a regulatory-first platform for stablecoin issuance aligned with European financial standards.
Based in Liechtenstein and registered under the Blockchain Act, VNX issues gold-backed and fiat-referenced tokens including VNX Gold (VNXAU), VNX Euro (VEUR), VNX Swiss Franc (VCHF), and VNX British Pound (VGBP). Fiat-referenced tokens are generated on demand for verified customers and backed by reserves primarily composed of VNX Gold, ensuring stable value and full collateralization. All token activity is managed through the VNX platform, which supports fiat and crypto transactions and enforces KYC and AML compliance.
VNX’s stablecoins are live across multiple blockchains, including Ethereum, Solana and Stellar, with built-in bridging capabilities for cross-chain transfers. The platform also publishes regular third-party audits of both its reserves and smart contracts, providing transparency and security assurances. Positioned at the intersection of compliance and multichain infrastructure, VNX serves as a robust issuance layer for real-world assets in digital form.
Despite the proliferation of stablecoins as one of the most widely adopted applications in crypto, the market remains overwhelmingly concentrated in USD-denominated assets. As of May 23, 2025, over 98% of the $249.4 billion stablecoin market is concentrated in USD-pegged stablecoins like USDT, USDC, and USDS. This disparity stems from the USD’s status as the world’s dominant reserve currency and its widespread use in global trade and financial systems. Years of network effects and infrastructure development have also entrenched deep liquidity for USD stable pairs, making them more attractive to market makers and institutional participants. As a result, non-USD stablecoins face a liquidity chicken and egg problem. Low adoption leads to shallow markets, which further disincentivizes use.
Why Now: The Growing Case for Non-USD Stablecoins
While non-USD stablecoins have historically been underdeveloped, several catalysts now make this an opportune moment for their emergence. Regulatory clarity in key jurisdictions is a major driver. The European Union's Markets in Crypto-Assets (MiCA) regulation, which came into force in late 2024, establishes a comprehensive legal framework for stablecoins and crypto assets, including clear standards for reserve backing, disclosures, and licensing. This enables the compliant issuance of euro and other fiat-pegged stablecoins within the EU.
With regulation paving the way for safer and more transparent issuance, market participants are increasingly exploring the real-world utility of non-USD stablecoins. Several use cases stand out as both timely and structurally aligned with the advantages of blockchain-based financial infrastructure:
Onchain FX Trading: Foreign exchange (FX) trading refers to the conversion of one currency into another and represents one of the largest and most liquid financial markets globally. Non-USD stablecoins are essential to replicate this infrastructure onchain. By enabling 24/7, permissionless FX markets with lower fees, atomic settlement, and no intermediaries, decentralized FX can improve efficiency for institutional and retail traders alike.
Cross-Border Payments: Businesses operating across multiple regions often deal with currency conversion and settlement delays. With non-USD stablecoins, they can transact directly in local currencies onchain, reducing reliance on correspondent banking networks and intermediaries.
Global Remittances: Remittance corridors often involve high fees and limited access to financial services. Non-USD stablecoins allow migrants to send value directly in the recipient’s local currency, improving speed, cost efficiency, and accessibility.
Together, these trends suggest that the next evolution of stablecoin infrastructure will be more multipolar, rooted not just in USD liquidity but in a broader basket of fiat-backed assets serving diverse global needs.
VNX’s stablecoin model is underpinned by its gold-backed token, VNX Gold. Each VNX Gold token represents one gram of gold stored in secure vaults in Liechtenstein, and tokenholders are the direct legal owners of the underlying gold, subject to identity verification and anti-money laundering checks. These tokens are transferable across blockchains such as Ethereum, where they follow the ERC-20 standard.
Fiat-referenced tokens (FRTs) like VNX Euro (VEUR), VNX Swiss Franc (VCHF), and VNX British Pound (VGBP) are not freely issued to the public. Instead, they are created upon customer request and are backed by a reserve held with VNX, typically composed of VNX Gold or equivalent assets. The core principle is to maintain at least a 1:1 value parity between the FRT and the corresponding fiat currency, achieved through a multi-step linkage:
Gold to Fiat Reference: Physical gold has a determinable value relative to fiat currencies based on intraday exchange rates.
Tokenized Gold as Collateral: VNX Gold represents fractional co-ownership of physical gold. One token equals 1/1000th of a one kg gold bar.
FRT Peg Mechanism: Customers deposit VNX Gold to form a reserve, which VNX manages. This reserve underpins the issuance of FRTs, thereby linking them indirectly to fiat currency values through gold.
The original hybrid reserve structure was intended to maintain parity through a gold-based linkage. In practice, however, VCHF, VEUR, and VGBP are now fully backed 1:1 by fiat funds held in bank or custody accounts of VNX Commodities AG, as confirmed by Areva General Auditing and Trust Company Limited in December 2024. While these reserves support the value of the FRTs, only the original issuing customer holds a direct contractual claim on them. Other FRT holders do not have redemption rights but may convert their tokens through VNX’s exchange service, subject to standard KYC and AML procedures.
Token Standards and Multichain Support
VNX’s tokens are designed to be blockchain-agnostic. FRTs follow the SPL (Solana Program Library) token standard, which provides a unified framework for fungible and non-fungible tokens, improving token management and interoperability. Most of VNX’s stablecoin liquidity is concentrated on Solana, and the SPL contract code is publicly available for review, ensuring transparency and enabling verification.
On Ethereum, FRTs comply with the ERC-20 standard, ensuring compatibility with a wide range of wallets, exchanges, and DeFi protocols. The smart contract code is publicly accessible for audit and verification, providing transparency around token behavior.
VNX Gold and FRTs are also deployed on other blockchains. To facilitate seamless multichain interoperability, VNX supports token bridging via its platform. This feature enables users to burn tokens on one blockchain and mint them on another without altering the total token supply, thus maintaining systemic integrity and reducing fragmentation.
The VNX Community Hub
The VNX Community Hub is a community-led initiative designed to support the growth and adoption of non-USD stablecoins within the VNX ecosystem. It was established to address the core challenge of limited liquidity in non-USD stablecoin markets, caused by a lack of compelling economic incentives for market participants. By aligning stakeholder interests and directing resources toward stablecoin-denominated market development, the Hub aims to build deeper, more resilient liquidity for assets like VEUR, VCHF, and VGBP.
At the center of the initiative is the VNX token, which operates under a ve-tokenomics model. Users can lock VNX tokens in exchange for veVNX, granting governance rights, access to protocol rewards, and influence over ecosystem initiatives. This structure incentivizes long-term participation and enables the community to guide decisions related to liquidity programs, integrations, and platform upgrades.
To promote sustainability and trust, the VNX token incorporates several key features: a KPI-based unlock schedule, a floor price protection mechanism co-developed with SwissBorg, and formal support from VNX Commodities AG. These elements work together to align incentives with measurable performance, improve market confidence, and provide a stable foundation for expanding the role of non-USD stablecoins in decentralized finance and global payments.
Transparency and Compliance
VNX places a strong emphasis on regulatory compliance and transparency, aligning its operations with legal frameworks such as Liechtenstein’s Blockchain Act. To build trust with stakeholders and demonstrate the soundness of its reserve model, VNX implements robust auditing and verification practices across asset backing and smart contract security.
VNX publishes regular third-party audit reports to verify that its stablecoins and gold-backed tokens are fully reserved. These reports confirm the adequacy of underlying reserves for both VNX Gold (VNXAU) and fiat-referenced tokens (VEUR, VCHF, VGBP).
VNX also maintains real-time asset transparency through its platform dashboard. As of May 23, 2025, the platform discloses the number of tokens in circulation and market capitalization for each issued stablecoin. For example, VEUR currently has 2,633,064 tokens in circulation with a market cap of €2,630,058, of which only a small portion (3,006 VEUR) is frozen. Frozen tokens are temporarily restricted from being transferred or used, typically due to compliance checks or operational safeguards. This level of transparency allows users to independently verify the scale and backing of VNX assets.
Traction
As of May 23, 2025, VNX has demonstrated meaningful transaction activity and user engagement across its token offerings. Key metrics include:
VCHF (VNX Swiss Franc): Recorded 112.3 million VCHF in total transaction volume, with 1.3 million total transactions and 957 unique token holders.
VEUR (VNX Euro): Over 103.6 million VEUR transacted, with 1.2 million total transactions processed to date and 695 unique token holders.
VGBP (VNX British Pound): Logged over 2.7 million VGBP in total transaction volume, with 79,523 total transactions and 543 unique token holders.
VNXAU (VNX Gold): Facilitated 114,813 VNXAU in transactions, with 367,185 total transactions and 1,343 unique token holders.
Among these, VCHF stands out as the most widely adopted stablecoin product. A closer look at its transaction volume by blockchain reveals that Solana has emerged as the leading network in cumulative activity, surpassing Ethereum and Polygon. The chart shows a steady increase in VCHF usage throughout 2023, with a notable surge beginning in early 2024 and continuing into 2025. This growth trajectory, particularly on Solana, reflects user preference for fast and cost-efficient stablecoin transfers.
Closing Summary
As the global market for stablecoins begins to diversify beyond the dollar, demand for non-USD options is accelerating, driven by use cases in FX trading, cross-border payments, and eurozone DeFi ecosystems. Yet credible issuance platforms remain limited. VNX addresses this growing demand by offering a regulatory-compliant and gold collateralized framework for stablecoins denominated in the euro, Swiss franc, and British pound.
VNX is building a regulatory-grade issuance layer for non-USD stablecoins, anchored by gold-backed reserves and structured under Liechtenstein’s Blockchain Act. Through its suite of fiat-referenced tokens, including VEUR, VCHF, and VGBP, issued through request-based mechanisms, the platform delivers asset-backed stability across multichain ecosystems. With integrated exchange services, audited smart contracts, and real-time reserve attestations, VNX combines transparency and compliance with blockchain-native flexibility.
Adoption trends point to early momentum. VCHF has surpassed 112 million in transaction volume, VEUR has processed over 1.2 million transactions, and VNXAU is held by more than 1,300 unique wallets. Solana has emerged as a key driver of VCHF growth, illustrating the importance of scalable and low-cost networks for stablecoin utility.
Looking ahead, VNX is well-positioned to serve as a foundational issuer of regional stablecoins in a post-MiCA landscape, provided it can continue scaling liquidity, integrations, and infrastructure while maintaining strong reserve and regulatory standards.
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Alice is a Research Analyst on the Protocol Services team. She previously worked as a Research Analyst at The Block and was an Investment Intern at Variant Fund. Alice graduated from Northwestern University, where she studied Economics.
Alice is a Research Analyst on the Protocol Services team. She previously worked as a Research Analyst at The Block and was an Investment Intern at Variant Fund. Alice graduated from Northwestern University, where she studied Economics.
